Our database lists [# of products] National Australia Bank variable home loan rate products. They offer the [Product] starting at #.##% with $### for a # year product.
Visit this page weekly or bookmark it to keep track of the National Australia Bank variable home loan rate. The table below is accurate as of [date], but rates may change.
National Australia Bank variable home loan rate products:
National Australia Bank variable home loan rate FAQs
How do I check my NAB interest rate?
To find your National Australia Bank interest rate, you can use the NAB app or NAB Internet Banking.
Checking interest paid for home loans
Using the NAB app
- go to the NAB app on your device
- select the home loan you want information on
- look for your home loan account details or choose Statements to view detailed statements for this account
Using NAB Internet Banking:
- go to the NAB Internet Banking on your web browser
- under the Accounts tab, click Account details
- choose the loan you want more information on
- for statements, go to Accounts and then Account statements. Choose the loan to see its statement
To check your National Australia Bank variable home loan rate, follow the same steps as above using the NAB app or NAB Internet Banking.
Checking interest earned
Using the NAB app
- go to the NAB app on your device
- select the account you want to check interest for
- go to Details
- the app will show the interest received for different time periods
Using NAB Internet Banking
- go to NAB Internet Banking and log in your NAB ID and password
- from the menu, select Accounts
- choose Account details from the list in the drop-down menu
- choose the account to view its interest details
- scroll to see a breakdown of interest information
What is interest?
Interest accumulates over time as a payment from a credit card, bank account, or loan. Interest can be earned on term deposits and paid out later, or added to loan repayments as a borrowing fee.
Interest earned vs interest paid
- interest earned: this is the interest you accumulate over time, usually from savings accounts or term deposits. It serves as an incentive to keep money in these accounts
- interest paid: this is the interest you pay on borrowed money, such as home loans or credit cards. It represents the cost of borrowing funds from a lender
Understanding how to check your NAB interest rate, whether earned or paid, helps you manage your finances better. Use the NAB app or Internet Banking to stay updated on your interest details.
These are important information when checking the ever-changing National Australia Bank variable home loan rate.
Why is NAB a good bank?
National Australia Bank is known for its customer-focused approach, fast transactions, and robust digital banking features. It has won accolades for making banking easy and secure, with features that simplify banking and protect customers from scams.
Key highlights
- customer-focused: NAB prioritises a personalised and safe banking experience
- digital Innovations: NAB's digital alerts prevent over $100 million in scam payments
- fast approvals: unconditional approvals can take up to 15 minutes
Benefits of NAB variable rates
National Australia Bank variable home loan rate offers several benefits:
- save on fees and interest: no monthly service fees and competitive rates
- flexible repayments: no fees for additional repayments
- easy access to funds: redraw facility available with no fees if ahead on payments
- high borrowing capacity: borrow up to 95% of property value
Benefits of NAB fixed rates
Fixed rates at NAB provide stability and control:
- certainty of repayments: fixed repayments during the term
- flexible repayment options: choose weekly, fortnightly, or monthly schedules
- combination options: split loans into variable and fixed portions
- extra repayments: make up to $20,000 in extra repayments without fees
- rate lock feature: protect against rate increases for 90 days
Fast approvals
The time it takes to get a NAB home loan varies based on application completeness and property valuation. Typically, it ranges from a few days to weeks. However, through the Simple Home Loan platform, approvals can be as fast as 15 minutes.
- Simple Home Loan: NAB digital platform with fast approvals
- average approval time: less than two days in 2022
- efficient processing: 35% of customers approved in under one hour
Whether you prefer the National Australia Bank variable home loan rate or its fixed rates will depend entirely on your requirements. Research different lenders’ offerings or contact a mortgage adviser to learn more.
When did NAB increase interest rates?
NAB increased interest rates following the Reserve Bank of Australia’s (RBA) cash rate decision on 7 November 2023.
Main points
- increase rate: NAB's standard variable home loan rate increased by 0.25% p.a.
- effective date: the rate change took effect from 17 November 2023
- savings impact: NAB Reward Saver bonus interest rate also rose by 0.25% p.a., totalling 5.00% p.a.
NAB reviews rates regularly to align with RBA changes. This ensures competitive rates for home loans and savings.
Contacting NAB
- financial concerns: customers worried about their finances should contact NAB
- support available: NAB Assist offers help, such as pausing or reducing payments
The National Australia Bank variable home loan rate has often adjusted within 10 days of the RBA’s cash rate announcements since 2017. This approach applies whether rates increase or decrease.
How do I change my NAB interest rate?
To change your National Australia Bank variable home loan rate, follow these steps:
- log in to the NAB app using the latest version
- select your home loan account
- tap Manage
- choose "Fix your loan" if eligible
- follow the instructions to change your rate
For joint loans, the second account holder must approve changes within 48 hours through their NAB app.
Benefits and limitations of fixing your home loan rate
Benefits
- predictable repayments: monthly payments remain the same during the fixed period
- protection: shielded from interest rate hikes
- budgeting: easier to plan finances with stable payments
Limitations
- no rate drops: miss out on potential variable rate decreases
- no offset account: can't reduce interest with an offset account
- no redraw facility: can't redraw extra repayments during the fixed period
These factors may help you decide if fixing your home loan rate is the correct path for you. You can always go for the National Australia Bank variable home loan rate if a fixed rate doesn’t meet your preferences.
